The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-01-12

sOiut'sn, as 10 how much. prsximstely, will
be required 70 mees ssui-annua ~ this cur
rent tatcrea on the amount thus funded.
To his may be add d the amount Of interest
after cannot now be known with certaint,.
but wise policy would suggest that the
state be pre- pared m eet the interest on the
whole am 2unt. upon the assumption that all
This same act (dsrc Is. 1880 created a
Funding BOatd composed OF the Comptroller,
Treasurer and Governor with the right to
emplQ y = clerk, 10 whom, as board, was
assigned tho responsible and arduOus
duty Of carrying into Sect and executing, as
fully as pos ible. thia delio ia trust The
resu tEhows that this Board has been success
ful beyond the most Eanguin- expectations.
Finding at tn tims q uly l, 1881 according
10 tho books IN the Co Dptroller . office, a
bonded indebtedness Of the state Of slS,7S6,-
066 80, including b nds nd interest 10 July l.,
1884,. which bonds had been issued under va
Iiaus legislative ouaotments, beginning in
1883, AID for different purposes. A large
pumhOr az thsse bonds had undergone, more
thas onoe, tho process Of funding, thus rom
deting the task Of tracing each bond 10 Us
orisinsi,. rs required, by the act, the
mo Q tedious and difi ult. or these bonds,
since the last nfIicsl report made TO the
Legislature un 1855, this Board has received
and converted for the holders aud their
eeents ai,s,2.Ho. under tae terms Of this
settlement" honds; and prev Ously. be-
tween July /, 1888 when tho law took effolp.
and January, 1855 (when tho report was
mRdrl, has eco we'd aud funded ia like man
ner S8,0Ss. eg, max ing he total thus funded,
as e'tinated N dollars and cents. 81, S75 400.
Those 81 1915, 800 Il outstanding bonds
have thus, under this act Of 1888. bean
funded according TO the legal classifc alton.
u. directed by he act. into new bonds. nay
able In thirty years, and bearing interest at
the rate OF 9, and ) por cent, with
upOns attached, pAyab semi annually.
Tho,e l,Sf5. 40 bon1s, executing com
paratiyoly email number which bore S and
% poT cent tnoun called Tor ;ntpo pr
est duo 10 July |, 1853 on. each Of
these bonds WIS added TO and put in the new
bonds a. prinNip II, the inter st constituting
very lsrge part Of that which made up the
now bond lin most instances from one third
TO ono-half OF this an onn, Of the bOndl. IL
heing an Evorag. OF s4T5 81 interest on each
six per cent. bond, and tho five and Eve and
quarter Der cen, bonds in Proportion, ex-
cept those which had been funded under tho
ant 1882, and ths interest upon which was
disposed Of under the terms Of that act. OF
these bonds elassod as three per cent,
there have heen thus retired, i6clud.ng in
terest, e10, SIS 900, OF thos. olasssd a. ak per
cent there have been retired sg73, 900; ard
Of those chased as Eve per cent sii6 400,
making tho total amOunt OF bonds re ited,
rs shown above, s., ,5l5, 400 These bonds, by
subatitutiol. yielded $40, i7S,OoO OF three per
Io1 OF tho fVos, masing a total OF the now.
or "settle nont' Don IL issued, of Gil, 564,-
900, on which the total annual in 'er.st-pBy-
abe semi annually-in til -ee, i've and SIX
PER cent, according to the class Of bonds, is
SSTj ,983.
To Summarize, and rake the foregoing
statements y aiasr, the following table is
sabuitte 4, showing the amount oil bonds ro-
tired under tho ACT OF 1888. by the Funding
Board, zach one Of which, and the coupons
theresn. have beon duly clncslea. examined
and 6ied away in tho Comptroller's office,
and are rea iy fer the examin alton OF legis
lative committee, which examination Is re-
~ lotfullv asked
Bonds retired at per oo $50 s56, 900
Bonds rodred ats por cent?. -. 4l6 40
Bonds retired at 6 per cent......,..,. $4,000
Total bonds retired. 81, 1916 ,4eO
Those have bson subni TIED by the Rundiug
Board, undor ACT Of March Is, 1888, with the
fslloNiog new, or settlement bonds:
Now bonds az per oeu t...........-..slo,4 7s,0Co
New bonds at e per oent.............. 45T, 100
New bonds at o per oent........ ........ 729,8O6